Philippine food and beverage firm San Miguel Corp has said it has signed a deal to acquire a 100% stake in Vietnam food company TTC (Vietnam), marking the firm’s first entry into the Vietnamese food market.

The deal, worth US$35.5m, will allow San Miguel to acquire all the assets and leasehold rights of TTC (Vietnam) from Taiwan Tea Corp, reported Reuters.

San Miguel, Southeast Asia’s largest food and drinks firm, is aiming to establish distribution lines for its food and beverage products in Australia, China, Indonesia, Malaysia, Taiwan, Thailand and Vietnam.

San Miguel said it expects to complete the deal by 30 October.